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|Three out of five British holidaymakers hold on to their leftover currency|
|Friday, 26 August 2016|
At a time when household budgets are squeezed, this means the value of millions of pounds worth of dollars, euros and other currencies is not being realised or used to bring a much-needed boost to families’ spending here in the UK.
With the value of the pound having already fallen significantly since Brexit, Brits’ foreign currency hoards are now worth more than they have been in years and there are increasing opportunities for savvy currency shoppers to exchange their money back to pounds at competitive rates.
Research, commissioned by The Money Shop, a leading high-street provider of consumer finance - including travel money and money transfer services - reveals that more than three out of five British holidaymakers (63%) who take at least one foreign holiday per year, hold on to their leftover currency. Only three in 10 (34%) of the British holidaymakers convert their leftover currency back to pounds, whilst others may give it to family/ friends (11%) or donate it to charity (7%).
Only 19% of holidaying Britons think that the Post Office offers the best exchange rate and surprisingly three in 10 (31%) of Britons that were surveyed didn’t know who offers the best exchange rate for currency.
The Money Shop is also running a weekly social media competition on Twitter, Facebook and Instagram called #FXFridays. All you need to do is upload a photo from a recent holiday (UK or abroad), tagging The Money Shop, with the hashtag #FXFridays and if your photo is chosen, you could win £250 (prize money given away weekly). The competition is running until 30th September 2016. Visit The Money Shop website for more information.
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